Federal Bank to open 100 branches every year

Federal Bank is planning to open 80-100 branches every year. The bank will open about 300 branches in the next three years. About 3,000 employees would be recruited during the period. Announcing this at a press conference here on Saturday, Managing Director and CEO, Shyam Srinivasan, said the bank reported growth in net profit on a year-on-year basis.

The bank continued to expand its footprint during the third quarter of 2013-14. It added 18 branches and 47 ATMs during the quarter to take the tally to 1,142 branches and 1,312 ATMs as on December 31, 2013. Twenty-six technology products of the bank were being used by customers.

He said total income grew by 9.87 per cent to Rs.1,895.92 crore during the quarter ended December 31, 2013, from Rs.1,725.62 crore in the year-ago period. Net interest income grew by 9.70 per cent to Rs.545.57 crore from Rs.497.35 crore. Net profit increased by 9.18 per cent from Rs.210.78 crore to Rs.230.13 crore.

Gross NPA came down to 2.83 per cent from 3.85 per cent. Net NPA improved from 0.92 per cent to 0.86 per cent. Capital adequacy ratio (Basel-III) stood at 14.80 per cent.